THE CONDO BOOK PROJECT

241 16th Street Condominium

241 16th Street, Brooklyn, NY 11215

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Overview

Units
6 residential
Subway
6 min walk to Prospect Av R4 Av-9 St F G R, 11 min
Principals
Avraham Azoulay, Lior Raviv
Average $/sf
$1,428Homes in Schedule A, as first offered
Common charges
$296–$819 a monthSponsor's first-year estimate in Schedule A, Year Projected to Begin: July 1, 2022- June 30, 2023
Offering price
$6.55 million total $6.12 million when first offered

The sponsor of record is 241 16th St LLC, represented by The Law Office Of Jay Lichtman, PC. The offering plan runs 368 pages. The sponsor has filed 1 amendment, the latest in June 2022. The nearest other condo plan on file is 245 16th Street Condominium, next door.

Plan CD210256 · New · accepted Feb 23, 2022 · AG record ↗

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FigureThis building1One Three Six210 units · 0.4 miaccepted 2022350 Bergen37 units · 1.3 miaccepted 2022
Common ChargesPer Square Foot / Month$0.66In line$0.57$0.75
Average Offering PricePer Apartment$1.02MBelow peers$1.15M$1.35M
Average PricePer Square Foot$1,428Above peers$1,392$1,355
Property TaxesPer Square Foot / Month$0.50Lowest$1.27$1.33
Average Unit SizeSquare Feet714 SFSmaller828 SF996 SF

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Unit mix, closings, budgets, finishes and the team, against One Three Six and 350 Bergen, cited to the offering plans. No credit card required.

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How We Got This
  • Comps: the closest Brooklyn plans on size, $/SF and launch date, within 2 miles when possible.
  • Figures: each building's own offering plan, filed with the NY Attorney General. Nothing is estimated.
  • Checked: a price list publishes only when its math adds up, and building pages cite the plan pages.
  • Labels: In line is between the comps; Below/Above peers is past both by up to 15%; Lowest/Highest by more.

Closings Pro

Homes closed100% of the homes in Schedule A6 of 6
Closing prices vs. Schedule A5 homes: $4,655,910 at closing against $4,815,000 in Schedule A (p. 33)−3.3%
Average closing price5 homes, on their Schedule A square feet$1,429 / SF
Closingsfirst and latest recordedNov 14, 2022 – Mar 21, 2023

Sales recorded with the Department of Finance (ACRIS) through May 31, 2025: deeds, or transfer tax filings for a building on leased land, of $10,000 or more. A home's first sale since the plan was filed is the sponsor's closing; resales aren't counted. Closing prices are compared with the same home's Schedule A price, as first offered; a deed covering more than one home isn't compared. Amendments often change prices before a home closes, and a deed that includes parking or storage counts its full price. ACRIS records a sale weeks after closing, so recent contracts don't appear yet. Every building's sales.

All 6 closings
HomeRecordedClosing priceSchedule ADifference
4BNov 14, 2022$999,000$990,000 p. 33+0.9%
2Nov 21, 2022$1,527,375——
4ANov 30, 2022$656,000$675,000 p. 33−2.8%
3ADec 1, 2022$636,406$675,000 p. 33−5.7%
3BDec 8, 2022$650,000$675,000 p. 33−3.7%
1Mar 21, 2023$1,714,503$1,800,000 p. 33−4.7%

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Closings are for subscribers

Every home's recorded closing price against its Schedule A price, with the ACRIS document and the plan page.

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Budget

From our research: The Sponsor's Condo-Creation Fee in NYC · NYC Condo Insurance Costs Are Rising · Condo Supplies Cost per Unit, by Size

Team

Sponsor
241 16th St LLC
Principals
Avraham Azoulay, Lior Raviv
Tax estimate
Berish LichtmanPrepared the first-year real estate tax projection
Construction lender
First Republic Bank$2.5 million recorded

From our research: Do NYC Developers Rehire the Same Firms?

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